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Only the "last trade" of that option is $0.60, but that has no bearing on what it would sell for right now. In fact, this option is VERY illiquid and hardly trades. For example, today it hasn't traded at all (volume is zero), and the bid/ask spread is $0.20/0.85 which is a VERY wide spread and is typical of thinly traded instruments.

It's not time value that you need to understand here, it's how options trade and what the bid/ask means (it is the only reliable indicator of an options "worth" at any moment in time, what an option traded for yesterday or last week is now meaningless in this context).
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